LONDON (ShareCast) - Russian gold miner Peter Hambro Mining (LSE: POG.L) saw gold production rise 9% in the first half and says it is on track to meet its target for the year of 350,000-400,000 ounces.
The AIM listed group boosted total attributable production to 147,000 ounces during the six months to 30 June, up from 134,300 ounces the year before.
Its big Pokrovskiy mine accounted for 127,800 ounces, also up 9%. The average realised price for the yellow metal was $901 an ounce, 35% more than a year ago.
"We have continued to make progress in the first six months of the year, staying on track with planned production growth and, just as importantly, remaining vigilant on our operating costs which remain in line with our forecasts," said executive chairman Peter Hambro.
It said these issues have been overcome and the new mine and processing facility is still expected to produce 72,000 ounces in the full year 2008.
"With Pioneer getting into its stride we are now fully a two mine operation," said Hambro. "This second success increases our confidence in our approach to the development of future mines."
Source:http://uk.biz.yahoo.com/080721/214/i3iu6.html
